A place like
Bowtie Overdrives can set you up with a beefed K-case "level 2" 700R4 for about $1,200 (bring your own converter for that price, and allow for shipping costs).
This really doesn't ave much to do with the topic, but I think that the real pitfall of the 700R4 is probably that a disturbingly high percentage of folks that work on their own vehicles can't seem to wrap their heads around the idea of the importance and necessity of TV cable adjustment on these trannies. No matter how many tines they are told in bold capital letters not to drive the vehicle with an improperly adjusted TV cable, they sometimes do it anyway ("...but, that's just a kickdown cable - isn't it? No, I was gonna read that later...next week...or maybe never...").
It might be helpful to some to see a pressure test table of acceptable values at different TV openings for the 700R4 (out of the GM shop manual perhaps), in order to help out their understanding part of what the TV cable does.
In some ways, it's a lot like the fiber optics used in the early C3 Vettes; even some body shops didn't get the optical thing, and would even try
soldering the fiber optic lines during collision repair, as if they were electrical wires!
Some folks don't need nor even want overdrive. Overdrive is great if you need it (or just want it) for higher-speed road use, to boost mileage or reduce noise on the highway or whatever. That's up to you. I like it for the highway.
If you need beefier OD trans than a beefed 700R4, but still need OD, there's always the 4L80E, but bring a thicker wallet for that brute.